Strs Ohio Makes New $2.19 Million Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Strs Ohio acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 32,369 shares of the bank’s stock, valued at approximately $2,192,000.

A number of other hedge funds have also modified their holdings of the stock. Planned Solutions Inc. bought a new position in Prosperity Bancshares during the 4th quarter valued at about $37,000. Covestor Ltd increased its holdings in shares of Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after buying an additional 315 shares in the last quarter. State of Wyoming raised its stake in shares of Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after acquiring an additional 179 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Prosperity Bancshares by 73.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after acquiring an additional 300 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in Prosperity Bancshares during the 1st quarter worth approximately $56,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $60.77 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The firm has a market capitalization of $5.68 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.20 and a beta of 0.93. The company’s 50 day simple moving average is $62.58 and its 200 day simple moving average is $61.34.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. The company had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. During the same quarter in the prior year, the business posted $1.51 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.45%.

Analyst Ratings Changes

A number of equities analysts have commented on PB shares. Raymond James boosted their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target on the stock. Truist Financial restated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research report on Wednesday, February 7th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.